https://www.taxtmi.com/highlights?id=100333 For AY 2009-10, the pre-amendment position on reference to a Valuation Officer governed the computation of capital gains. Where the assessee adopted the fair market value of the property as on 01.04.1981 on the basis of a registered valuer's report, the Assessing Officer had no authority to make a reference merely to reduce that value. On that footing, the Valuation Officer's report was held irrelevant for recomputing long-term capital gains, and the resulting addition was deleted. The alternate contention on tolerance in sale consideration was not examined because the primary issue was ative. en-us Mon, 01 Jun 2026 08:25:53 +0530 Mon, 01 Jun 2026 08:25:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=100333 For AY 2009-10, the pre-amendment position on reference to a Valuation Officer governed the computation of capital gains. Where the assessee adopted the fair market value of the property as on 01.04.1981 on the basis of a registered valuer's report, the Assessing Officer had no authority to make a reference merely to reduce that value. On that footing, the Valuation Officer's report was held irrelevant for recomputing long-term capital gains, and the resulting addition was deleted. The alternate contention on tolerance in sale consideration was not examined because the primary issue was ative. Highlights Income Tax Mon, 01 Jun 2026 08:25:53 +0530 https://www.taxtmi.com/highlights?id=100333